According to a report by Messari, the first quarter of 2023 has been an active period for Ripple's XRP Ledger (XRPL).
XRP Ledger (XRPL) Developed by Ripple Experienced Significant Growth in the First Quarter
Key indicators point to an uptick in activity, with daily active addresses and daily transactions increasing 13.9% and 10.7% respectively.
Perhaps most notable was the impressive 55.5% increase in the price of XRP, jumping from $0.35 to $0.54. This increase comes after encouraging news from the ongoing legal litigation between Ripple and the Securities and Exchange Commission (SEC).
The Q1 report also highlighted the evolution of the XRPL ecosystem. The XLS-20 standard introduced NFT transactions and five new transaction types were created and five more were proposed.
What is XRP Ledger (XRPL)?
XRP Ledger (XRPL) is an open source platform that offers fast transactions and low transaction fees with a capacity of 1,500 transactions per second. The energy consumption per transaction makes XRP Ledger one of the most sustainable projects in the blockchain industry.
Despite a slight decrease in NFT activity compared to the previous quarter, 436,000 NFT prints and 277,000 NFT offers were accepted in Q1.
In addition, Coreum and Flare Network sidechains, both focused on interoperability and decentralized data, have arrived on their mainnets.
XRP's financial performance also posted a significant uptick, outperforming the overall crypto market cap growth. XRP's market capitalization increased by a notable 59.9% from $17.4 billion to $27.8 billion.
A positive development in the SEC lawsuit against Ripple acted as an important catalyst, leading to two significant price hikes in March.
The burned transaction fees of XRPL put a deflationary pressure on the total supply of XRP, providing a counterbalance to the inflation rate and contributing to the price increase.
*Not investment advice.
